Common use of Default Option Clause in Contracts

Default Option. Following any Event of Default on the part of the Majority Shareholder, the Minority Shareholder shall have the right to require the former to sell to it or its nominee all (but not part only) of the Shares held by the Majority Shareholder at ninety percent (90%) of the Transfer Price determined in accordance with Article 40 hereof and as per the procedure laid down in Article 39.

Default Option. Following any Event of Default on the part of the Majority Shareholder, the Minority Shareholder shall have the right to require the former to sell to it or its nominee all (but not part only) of the Shares held by the Majority Shareholder at ninety percent (90%) of the Transfer Price determined in accordance with Article 40 43 hereof and as per the procedure laid down in Article 3942.